What’s all this I hear about BRAC?
Posted on | October 7, 2008 | Written by: Diane Donnelly
You’ve been hearing about BRAC for some time now. You don’t know exactly what it is or what it means to you. I will give you the highlights and talk to you about what impact BRAC may have on you.
BRAC - Base Realignment and Closure. It is a process the Department of Defense has previously used to reorganize it’s installation infrastructure to make it more efficient to support its armed forces.
BRAC affects five regions in Maryland:Â Aberdeen Proving Grounds, Andrews AFB, Bethesda Naval Medical Center, Fort Deitrick and Fort Meade.
The Fort Meade Region includes: Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Howard County, City of Laurel, Montgomery County, Prince Georges County, Talbot County and Queen Annes County.
Total job growth is expected to exceed 425,000 between 2005 and 2020. Fort Meade is expected to have 22,000 additional jobs. What does that mean to you? A healthier economy, more consumer confidence, lower unemployment, etc.
The average wages for the additional jobs is $70,000.
The average household income of the households most likely to move to Maryland because of BRAC exceeds $110,000. Again, if the average combined household income is $110,000, we have a lot of prospects that may have the financial means to buy homes, or at least rent homes. Therefore - helping to achieve a healthier economy, increasing consumer confidence, increasing the demand for housing (when the demand outweighs the supply, prices begin to go up!)
In Maryland, the annual income and property tax revenues is expected to be approximately half a billion dollars. More revenue, better roads (expanding Route 95 and 175), better funding for services, etc.
Anne Arundel County will see it’s population increase by 4,500 people. It is anticipated that there will be 3,800 homebuyers and 627 renters. What will happen to the renters? Again, when the demand for housing goes up and the supply goes down, prices go up - including rents.
According to the Daily Record March 2, 2007, “BRAC translates into the biggest employment opportunity to hit the state since World War II”.
Will BRAC have any negative impact? There will be an impact on roads, schools, traffic, etc. In today’s climate, the negative media on real estate, economy, banking, etc. are Marylanders ok with some additional traffic? You be the judge.
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January 26th, 2010 @ 10:24 am
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